All available working interest in SGCA's Victoria Co., Texas "Koliba" prospect and plans to commence drilling operations in the early part of 2010 had been completed. SGCA, through its wholly owned subsidiary, Penasco Petroleum, Inc., will maintain a 25% carried interest to casing point. A direct offset to the Murphy Baxter, Koliba #1 well from the 5880' (target) zone is planned to be drilled along with drilling the offset well to a total depth of 6880 feet.
Company President and CEO, Jeremy Driver, stated, "Progressing the Koliba into the drilling stage as our first in-house developed prospect is an exciting step for Strategic American Oil. It demonstrates we can execute our business model of finding, acquiring, and bringing in working interest partners to what we believe are low risk/high reward development projects. As our Chairman, Mr. Reneau, has previously stated, the Koliba Prospect offers a relatively low risk offset development well in an area we have experience in with our nearby producing Welder (Barge Canal) lease."
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About Strategic American Oil Corporation
Strategic American Oil Corporation (OTCBB:SGCA) is an exploration and development company with operations in Texas, Louisiana, and Illinois. The Company draws on an internationally recognized team of geologists, engineers and executives with extensive oil and gas exploration and production experience. The Company's objective is to find and acquire oil and gas projects of merit and develop those projects to their full potential.
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